Since October, shares of Playboy Enterprises (NYSE: PLA) have fallen from $12 per share to Friday's closing price of $4.72 per share. Since founder and patriarch Hugh Hefner's daughter Christie Hefner became CEO in 1988, the stock has actually declined.

You might think that 20 years at the helm would be enough time to demonstrate whether you can create value, but then again, you're not the boss' daughter. However, given the sorry state of this storied company, you'd think Ms. Hefner would be working hard to turn the company around, or better yet, sell it before she destroys any more value.

But again, you're not the boss's daughter. No, instead, Ms. Hefner is serving as a guest blogger for Portfolio.com. Read her posts here and here. To give you a quick sampling of her laser focus on the business, here are some snippets:

I am admittedly of the generation that still enjoys the experience of reading a paper on paper. Daily I read the Wall Street Journal, the New York Times, the Trib and the Chicago Sun-Times. . . also go to news sites for information throughout the day. . .

Playboy Enterprises Inc. (NYSE:PLA) reported a near 20% decline in profit in the fourth quarter. The adult entertainment company's magazine business continued to lose money and earnings fell at its TV business.

• Net income dropped to $3.7 million, or 11 cents per share, versus $4.6 million, or 14 cents per share, in the previous year, and compared to analyst expectations of 12 cents per share according to Thomson Financial. Reuters earnings estimate that excludes charges was 8 cents per share.
  
• Quarterly revenue declined 5% to $86.2 million from $91 million and compared to estimates of $93.1 million.

While the publishing group managed to narrow its loss in the fourth quarter despite 5% lower revenues, Playboy's entertainment group reported a significant decline in fourth-quarter income from $12.3 million to $4.7 million and an 8% decline in revenue. This was due mainly to lower profits in the domestic TV business that saw its revenue slump 18%. Higher revenue from video-on-demand and from Playboy TV subscriptions weren't enough to offset lower satellite and cable pay-per-view revenues.

CEO Christie Hefner acknowledged that the publishing and domestic TV will remain under pressure but. This isn't surprising to anyone following overall print and magazine trends as well as the adoption of video-on-demand over subscription services. Hefner also said that international TV, merchandising, licensing -- one of this quarter's strong points -- and online segments will drive performance going forward.

Playboy said that it has not plans to go private as some have speculated.

After PLA shares fell 5.2% in pre-market, they have closed today on a positive note, up 3.13% to $11.21. My colleague Tom Barlow suggested Valentine's Day gifts for the market man in your life. I doubt Playboy would be a romantic gesture, but it sure could be a fun one.

Also check out some other earnings reports that we're following, and let us know what you're expecting.